Global oil and gas contracts activity reported a marginal increase of 3% from $178.86bn in 2021 to $183.63bn in 2022, despite a decrease of 4% in the number of contracts from 6,972 in 2021 to 6,668 in 2022. Notable contracts that made a significant contribution include Keppel Shipyard’s two Engineering, Procurement, and Construction (EPC) $2.9bn and $2.8bn contracts of P-80 and P-83 FPSO respectively, for Petorbras’ Buzios field, offshore Brazil; Dalian Petrochemical’s $4.67bn EPC contract for Ameer Group’s Pakistan State Oil deep conversion refinery in Pakistan; and Saipem’s $4.5bn contract from Qatargas for the engineering, procurement, fabrication, and installation of two natural gas compression Complex for the North Field Production Sustainability Offshore Compression Complex Project – EPC 2, offshore Qatar.

Upstream sector reported 4,608 contracts during 2022, followed by downstream/petrochemical and midstream sector with 1,106 and 1,056 contracts, respectively, during the year.

Europe recorded majority of the contracts, with 2,153 contracts in 2022, followed by Asia and North America with 1,814 and 1,581 contracts, respectively, during the year. 

Operation and Maintenance (O&M) represented 50% of the total contracts in 2022, followed by contracts with procurement scope with 24% and multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, accounted for around 13%.